TerraX Discovers New Mineralized Zones at Yellowknife City Gold Project; Assays Include 2 m @ 21.4 g/t Au in Chip Sample From Vein Near Shear 17
YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - Aug 4, 2015) - TerraX Minerals Inc. (TSX VENTURE:TXR)(FRANKFURT:TX0)(OTC PINK:TRXXF) has received initial results from an extensive summer exploration program still underway on its Yellowknife City Gold Project ("YCG"), immediately north of Yellowknife in the Northwest Territories. Specific prospecting results include:
| i) | Chip sampling of a gold bearing vein discovered in 2014 returned 2 m @ 21.4 g/t Au near the Shear 17 structure east of Ryan Lake (see maps under "Field Exploration 2015" on website). |
| ii) | A newly discovered vein with visible gold ("Timmies Vein") 50 m from and parallel to the VSB vein (up to 547 g/t; see News Release of July 24, 2014) returned up to 88.6 g/t Au in grab samples. |
| iii) | An additional grab sample taken 10 m along strike from a vein which returned 126 g/t Au in 2014 just west of the Barney Shear area yielded an assay of 129.5 g/t Au; visible gold was subsequently noted in this vein. |
| iv) | Visible gold was noted in a newly discovered vein approximately 200 m southeast of the Pinto structure; assays from grab sampling of this vein are pending. |
| v) | A new 100 m long zone of sulphides in quartz veins and disseminated in granite was discovered southwest of Ryan Lake. Assays up to 5.16 g/t Au in grabs were obtained. |
| vi) | Numerous quartz veins east of Ryan Lake were mapped and sampled. Many of these veins contain molybdenite, and assays up to 6.32% Mo have been obtained in this area previously (News Release August 19, 2014). Assays are pending. |
| vii) | Numerous quartz veins in the JED area west of the Barney Shear were sampled. Many of these veins contain sulphides, and chip values up to 1.40 m @ 16.85 g/t Au have been obtained from the JED vein (News Release July 31, 2013). Assays are pending. |
Drilling is continuing at Crestaurum (see News Release of July 22, 2015) with eight holes now having been completed. Drill core is currently being logged and sampled; assay results will be released when received and interpreted.
This summer's exploration program is partly funded by the Mining Incentive Program of the Northwest Territories. The program consists of:
| i) | structural studies; | |
| ii) | prospecting/reconnaissance geology; | |
| iii) | biogeochemical surveys; and | |
| iv) | various experimental studies. |
Structural studies in the Core Gold Area of the YCG project were conducted jointly by Osisko Gold Royalties Ltd. and TerraX. Osisko sent a team of four of its geologists onto the property for three weeks in June to measure structural elements in the field and produce a comprehensive structural synthesis of the area. This follows an earlier desk-top study conducted by Osisko using TerraX's LiDAR and magnetic data. TerraX also conducted on the order of six man-weeks of structural studies and detailed mapping in the Core Gold Area. The goal of this work is to aid in immediate drill targeting.
Prospecting/geological reconnaissance and channel sampling has been conducted over selected regions of the project area following a targeting session conducted by TerraX in May, 2015. Assays for 526 samples have been received to date; it is expected that the program will generate an additional 300 to 400 samples. Gold results received to date range from below detection to a high of 129.5 g/t Au.
Biogeochemical samples were collected on four grids: Crestaurum Southwest, Crestaurum Northeast, Barney Shear and AES. All grids cover structures with known mineralization but limited outcrop. The objective is to determine whether biogeochemical sampling is a valid exploration technique on the YCG. Analyses are pending.
The chemical signature of alteration along several mineralized structures was examined with a field gamma ray spectrometer. In particular, the radio-assayed thorium/potassium ratios were determined at intervals across the structures. It was found that within and immediately adjacent (5 m) to structures there is potassium enrichment due to alteration. A number of anomalies from this dataset were field checked with several mineralized structures noted.
Hydrothermal alteration mineralogy on the property was examined by means of a Terraspec instrument. 544 mineralogical analyses from drill core and surface samples were collected. Preliminary examination of this data suggests that there is a general tendency for chlorite spatially associated with mineralization to be more iron rich than chlorite occurring further from mineralization.
Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Samples were prepared at ALS Chemex's laboratory in Yellowknife and shipped to their Vancouver facility for gold analysis by fire assay and other elements by ICP analysis. ALS is a certified and accredited laboratory service. It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall grade and extent of mineralization on the subject area. The technical information contained in this news release has been approved by Tom Setterfield, Vice President Exploration of TerraX, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
About the Yellowknife City Gold Project
The Yellowknife City Gold Project encompasses approximately 99.3 sq km of contiguous land immediately north of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX now controls one of the six major high-grade gold camps in Canada - and the least explored.
The project lies on the prolific Yellowknife greenstone belt and covers 15 km of strike length on the northern extension of the shear system that hosts the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and high grade drill results this past year that serve to indicate the project's potential as a world-class gold district. Since February 2013, TerraX has consolidated the project area by acquiring, optioning and staking numerous properties, including: Northbelt, Goodwin, Ryan Lake, Walsh Lake, and U-Breccia, as well as staking additional contiguous lands. Being all-season road accessible and within 15 km of the City of Yellowknife, the YCG is close to vital infrastructure, including transportation, service providers, hydro-electric power and skilled trades people.
For more information on the Yellowknife City Gold Project, please visit our web site at www.terraxminerals.com.
On behalf of the Board of Directors
Joseph Campbell, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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